Rising India
Economical Outlook
As per the advance estimates of GDP for 2009-10 released by the Central Statistical Organisation (CSO), the economy is expected to grow at 7.2 per cent in 2009-10, with the industrial and the service sectors growing at 8.2 and 8.7 per cent respectively. India's gross domestic product (GDP) grew by 6 per cent during October to December 2009.
The trade and manufacturing sector, registered significant growth at 10 and 14.3 % respectively. Lack of proper Infrastructure has been the main deterrent against the fast growth of the economy and the government is committed to accelerate the funding of Infrastructure projects especially Power projects and Roads to support high growth rate of Economy.
Private consumption has already played a much larger role in India’s growth than it has in that of other developing countries. Private spending accounts for more than 60 percent of India’s GDP, so in this respect the country is closer to developed economies such as Japan and the United States than are China and other fast-growing emerging markets in Asia. Studies show that aggregate consumer spending could more than quadruple in coming years, reaching 70 trillion rupees by 2025. Higher private incomes and, to a lesser extent, population growth will encourage this rise in consumption.
